BengalTigger
Long

CL. Maginot Line Holds for Now. Update

NYMEX:CL1!   Light Crude Oil Futures
I did point out last time the potential H&S . It still remains potential though a bit more developed. We are nearing some important support on CL . It should hold 52 -52.5 area if this is to go up. I mean of course there is always th e possibility of a long tail in CL to the 50 area, but the longer it stays below 52.5 the tougher it gets IMO . Interestingly, that area is also the neckline of the H&S the POC and confluence with some Fib symm support. In some earlier post, I had mentioned that above the 55 area was thin air till the low 60's so this might just be a breather before a full fledged onslaught if that is the objective.
Feb 07
Comment: Typo. 51-51.50 (52-52.5)
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